王敏：中国与全球南方——全球化时代的重大角色转变

Core Insights - The rise of China has significantly transformed its economic relationship with the Global South, shifting from political and diplomatic cooperation to economic collaboration since the reform and opening-up period [3][5] - China's GDP share in the global economy has increased from 1.6% in 1991 to 16.8% in 2023, indicating a profound restructuring of the global economic landscape [3][4] - The manufacturing sector's contribution to global GDP has seen a notable shift, with China's manufacturing GDP share peaking at 31% in 2021, reflecting its rapid industrial expansion [4] Trade Relations - China's foreign trade has grown remarkably, with exports reaching $3.56 trillion and imports at $2.71 trillion in 2023, accounting for 15% and 11% of global trade, respectively [6] - The trade structure has evolved, with the share of low and middle-income economies in China's imports surpassing that of high-income economies, indicating a deepening trade relationship with the Global South [6][9] - The import structure has shifted significantly, with raw materials now being the largest import category, driven by demand from industries like electric vehicles and renewable energy [7] Investment Relations - By the end of 2023, China's cumulative outbound direct investment reached nearly $3 trillion, positioning it as the second-largest investor globally [10] - The proportion of greenfield investments has increased significantly since 2012, reflecting a shift from cross-border mergers and acquisitions to direct investments in production facilities [12] - The manufacturing sector has become a major focus for outbound investment, with its share rising from 7.8% in 2014 to approximately 15.5% in recent years [12] Challenges in Economic Cooperation - The Global South faces structural challenges in industrialization, including low domestic savings rates, insufficient human capital, macroeconomic vulnerabilities, and governance issues [18][19] - Chinese enterprises encounter specific difficulties in overseas investments, such as political risks, legal compliance, financing challenges, and local management issues [20]